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Search results for bpsl

ED hands over BPSL’s assets worth Rs 4k crore to JSW
3 weeks, 5 days ago

ED hands over BPSL’s assets worth Rs 4k crore to JSW

New Indian Express  

NEW DELHI: The Directorate of Enforcement handed over Bhushan Power and Steel Ltd assets worth Rs 4,025 crore to JSW, which successfully bid for BPSL under the insolvency resolution process. The enforcement directorate had attached the properties of Bhushan Power and Steel Ltd after it found the company and its promoters diverted bank funds to private investments in the form …

Jsw Ed Properties Bpsl
ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
3 weeks, 6 days ago

ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW

The Hindu  

The Enforcement Directorate has restituted assets worth ₹4,025 crore to JSW, a Successful Resolution Applicant in the matter of the erstwhile Bhushan Power and Steel Limited under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code. The assets were provisionally attached by the ED under Section 5 of Prevention of Money Laundering Act as the erstwhile promoters of …

Properties Assets Crore Banks Ibc Jsw Cirp
Turning steel into fool’s gold: The reverse alchemy of Sanjay Singal
1 month, 1 week ago

Turning steel into fool’s gold: The reverse alchemy of Sanjay Singal

Live Mint  

Before Nirav Modi became the face of bank fraud in India, Sanjay Singal at Bhushan Power and Steel Limited had seemingly perfected the art of turning steel into fool's gold. The sheer numbers in the case filed against him by several investigative agencies are staggering – 157 shell companies and 33 banks duped of ₹47,700 crore in total. Combined with …

India Delhi Fraud Companies Steel Company Banks
Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 4 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

India Delhi Investigation Financial Fraud Financial Institutions Bank Company
NCLAT allows JSW Steel acquire Bhushan Power – India TV
4 years, 10 months ago

NCLAT allows JSW Steel acquire Bhushan Power – India TV

India TV News  

The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from prosecution by the Enforcement Directorate. A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power …

Steel Nclat Jsw Steel Jsw Bhushan Power Bpsl
NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED
4 years, 10 months ago

NCLAT allows JSW Steel to acquire Bhushan Power for Rs 19,700 cr; grants immunity from prosecution by ED

Firstpost  

A two-member bench headed by Chairman Justice S J Mukhopadhaya, said that JSW Steel will be immuned from the acts done by the former promoters of Bhushan Power & Steel. New Delhi: The National Company Law Appellate Tribunal on Monday allowed JSW Steel to acquire of Bhushan Power & Steel Ltd for Rs 19,700 crore by providing it immunity from …

Power Steel Nclat Bhushan Jsw Steel Jsw Bhushan Power
NCLAT clears way for JSW Steel to acquire Bhushan Power
4 years, 10 months ago

NCLAT clears way for JSW Steel to acquire Bhushan Power

Live Mint  

The National Company Law Appellate Tribunal on Monday rejected pleas challenging the sale of bankrupt steel maker Bhushan Power and Steel Ltd to JSW Steel Ltd, paving the way for the latter to complete the process of its impending acquisition. JSW Steel moved NCLAT seeking immunity from future litigation after Bhushan Power was booked for alleged accounting frauds, which had …

Power Steel Bhushan Jsw Steel Jsw Tribunal Nclat Bhushan Power
Essar Steel resolution to boost Q3 earnings with Rs 12,000-cr recovery; step to have positive impact on economy: SBI chief
5 years ago

Essar Steel resolution to boost Q3 earnings with Rs 12,000-cr recovery; step to have positive impact on economy: SBI chief

Firstpost  

With the order, the apex court paved the way for ArcelorMittal’s takeover of Essar Steel for Rs 42,000 crore. New Delhi: State Bank of India Chairman Rajnish Kumar on Monday said the resolution of Essar Steel will boost profitability of the bank by about Rs 12,000 crore in the third quarter of the current financial year. The country’s largest bank, …

Bank Steel Crore Kumar Sbi Ibc Essar
NCLAT directs Enforcement Directorate to file final affidavit in Bhushan Power & Steel assets attachment matter
5 years, 1 month ago

NCLAT directs Enforcement Directorate to file final affidavit in Bhushan Power & Steel assets attachment matter

Firstpost  

Earlier, on 25 October, the NCLAT had asked both organisations, which are presently headed by Sitharaman, to settle the matter adding that there was no question of amendment of laws. New Delhi: The National Company Law Appellate Tribunal on Friday asked the Enforcement Directorate to file a final affidavit containing developments related to attachment of Bhushan Power & Steel Ltd …

Steel Sitharaman File Nclat Affidavit Pmla Enforcement Directorate
Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI
5 years, 2 months ago

Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI

Firstpost  

Mumbai: State Bank chairman Rajnish Kumar on Tuesday said the Enforcement Directorate and other central law enforcement agencies should restrict to attaching personal assets while investigating a promoter and keep off the company which is under the insolvency process. “Any action which ED or any other central authority has to take, they can take with the existing promoters and attach …

Bank Kumar Jsw Steel Personal Assets
ED action against Bhushan Power assets vindicates JSW Steel’s fears
5 years, 2 months ago

ED action against Bhushan Power assets vindicates JSW Steel’s fears

Live Mint  

After the Enforcement Directorate attached assets of Bhushan Power and Steel Ltd in an alleged bank fraud, JSW Steel Ltd said the probe agency’s action has vindicated its stand to seek immunity from criminal proceedings in the ongoing probe. JSW Steel had in September moved National Company Law Appellate Tribunal seeking immunity from criminal proceedings in the ongoing bank fraud …

Bank Criminal Proceedings Steel Crore Jsw Steel Jsw Bpsl
Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL
5 years, 2 months ago

Bank fraud case: ED attaches Rs 4,025 cr assets of BPSL

India TV News  

The Enforcement Directorate has attached immovable properties worth Rs 4,025.23 crore of Bhushan Power and Steel Limited in a money laundering case against the firm for siphoning off funds obtained as loans from various banks and financial institutions, the agency said on Saturday. "The quantification of the Rs 4,025.23 crore attached assets is interim as of now and investigations to …

Bank Crore Fir Ltcg Bpsl
ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore
5 years, 2 months ago

ED attaches Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore

India Today  

The Enforcement Directorate on Saturday attached Bhushan Power and Steel Limited's properties worth Rs 4,025 crore, as per the order of the PMLA court. An amount of Rs 695.14 crore was introduced as the capital by Sanjay Singal and his family members in BPSL out of artificially generated Long Term Capital Gains by a diversion of bank loans fund of …

Bank Power Steel Crore Ltcg Bhushan Power Bpsl
Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL
5 years, 3 months ago

Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL

Firstpost  

The NCLAT also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date of hearing. The appellate tribunal’s direction came during the hearing of a petition filed by JSW Steel seeking protection against the ongoing investigation going under the Prevention of Money …

Criminal Proceedings Steel Plan Crore Nclt Proceedings Cbi
Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid
5 years, 5 months ago

Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid

Firstpost  

Mumbai: JSW Steel chairman Sajjan Jindal on Thursday said the company will not withdraw from or reduce the bid amount for Bhushan Power & Steel, but reiterated the call for immunity from future litigations against the scam-tainted firm. JSW Steel, which has submitted a successful Rs 19,300-crore bid to take over Bhushan Power & Steel, has approached the NCLT for …

Steel Company Plan Bid Bps Jsw Steel Jsw
Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank
5 years, 5 months ago

Punjab & Sind Bank reports about Rs 238 cr fraud by Bhushan Power; third instance after disclosures by PNB, Allahabad Bank

Firstpost  

Bhushan Power and Steel has misappropriated bank funds, manipulated books of accounts to raise funds from a consortium of lender banks New Delhi: State-owned Punjab & Sind Bank Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently. “On the basis of forensic audit …

Fraud Bank Company Crore Cbi Funds Rbi
Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel
5 years, 5 months ago

Won’t back out from buying Bhushan Power but anxious about fraud reports: JSW Steel

Live Mint  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

Fraud Resolution Steel Crore Jsw Steel Bhushan Power Bpsl
Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
5 years, 5 months ago

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT

Firstpost  

New Delhi: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During the proceedings in NCLT, counsel appearing for JSW Steel informed the tribunal that it was anxious about the alleged fraud reports …

Fraud Resolution Bank Crore Nclt Pnb Jsw Steel
PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel
5 years, 6 months ago

PNB shares plunge over 11% after detection of Rs 3,800-cr bank fund misappropriation by Bhushan Power & Steel

Firstpost  

PNB said on Saturday that Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. New Delhi: Shares of Punjab National Bank on Monday dived over 11 percent after the detection of fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd. “On the basis of …

Bank Fund Funds Pnb Bhushan Power Bank Funds Steel Ltd
PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd
5 years, 6 months ago

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel Ltd

India TV News  

Public sector lender Punjab National Bank said Saturday it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks. "On the …

Fraud Bank Crore Pnb Bhushan Power Bpsl Steel Ltd